As one of a new breed of binary options broker, CherryTrade have quickly carved themselves an important niche within the market place.
Their solution makes use of the latest version of the popular SpotOption trading platform which is widely regarded as ‘the standard’ in terms of trading platforms.
They are one of only a handful of brokers who are continuing to accept US trading clients.
CherryTrade are owned and operated by Truchot Ventures Limited and based in Gibraltar. They are however unable to operate under a European regulators license due to their desire to continue servicing US customers.
Telephone: Cyprus +357-25-030600 (Int), UK +44 161 960 0200, +Int
Trading Platform: SpotOption
Demo Account: No
Minimum Opening Deposit: 200 USD
Minimum Trade Amount: $10
Profitability / Rebate: Up to 81% / 10%
Account Holding Currency: USD, EUR, GBP, JPY, CAD, AUD, RUB or SEK
Deposit Options: Credit/ Debit Card, Bank Transfer, CashU, Skrill and eWallet
Accepts US Traders: No
CherryTrade offers its traders access to the latest cutting edge version of the SpotOption platform. This web-based dealing platform for binary options is well known and features prominently among brokers. While it may not be revolutionary, it does ensure a secure and fairly reliable operating environment for traders.
Users on this platform gain access to a wide range of contracts from the more familiar High/ Low options, through to Touch, 60 second and Pairs contracts. Pairs contracts that allow you to speculate on the price movement between two selected assets are becoming increasingly popular. As a result more brokers are adding them to their line-ups. While at present only a limited number of contract choices exist, the range offered here is expanding all the time.
Payout s on most contracts top out at 81% which is comparable with the best brokers. Selected Ladder contracts offer the opportunity to earn higher returns, although of course the trade off is a lower probability of success. It is however worth taking a look at these contracts which in some instances offer returns as high as 1500%.
Education for new traders is taken care of in the form of a dedicated section on the website. This features a range of videos courses providing both Basic and Advanced tutorials. These include information on the mechanics of the platform as well as advice on creating winning trading strategies. An interactive eBook rounds off a fairly extensive educational offering.
Options Types Offered
- High/Low -The regular High and Low option contract. Pick the direction that you want to trade and hit the button. You can also ‘roll over’ these contracts.
- Touch/ No Touch -Set a price level on an asset and receive your payout as soon as the level is hit. With these contracts you can earn up to a 500% return. Pick a level in the market that you think will be touched prior to the expiry of the contract. If the level is touched you win.
- 60 Seconds – Fast payouts can earned when you trade sixty second expiries. Decide whether you think the price will rise or fall over sixty seconds.
- Pairs – The contracts allow you to speculate on the price movement of two assets. Which one will prove the stronger? Get it right to profit.
The Cherry Trade mobile app is designed for traders on the go. This allows you to access your account with the same functionality as the web based platform. You can buy new contracts, check your account balance and view the trading history on your account.
Two mobile apps are offered. You can download an Android app from the Google Play store or if you are an Apple user, the Cherry Trade mobile app is freely downloadable from the Apple Store iTunes.
CherryTrade have a very hands on approach to account opening. Their account levels broadly fall into the tiers of Basic, Professional, Expert, VIP and Corporate. These labels are however somewhat arbitrary. You can discuss your exact requirements at the time of opening and receive a package tailored to your specific requirements.
Account bonuses, free trades, increased returns and personal account management are all available to new traders. The more you deposit the more you will receive. Therefore it pays to work out your requirements and the level of deposit you want to make before you start negotiating with the broker.
As with all brokers it is free to register an account. When you want to start trading the CherryTrade minimum deposit amount to get yourself up and running is a pretty standard $200.
There are of course numerous ways in which you make your deposit. This broker accepts all major credit and debit cards, bank wire transfer and even pre-paid cards. Also supported are a range of third party payment processors including CashU, Skrill and eWallet.
Accounts can be traded in USD, EUR, GBP, JPY, CAD, AUD, RUB or SEK. In short there are plenty of options for operating your account.
You can withdraw your money either by Credit card or Bank wire transfer. Most traders will opt for the former as it is free. In contrast wire transfer withdrawal requests attract a $30 fee. A set of ID cheques are required to make a withdrawal so don’t be surprised to have to show some additional proof of identify. This is commonplace these days and is designed to cut down of fraud and money laundering. The maximum level of withdrawal per transaction is $20,000 (or equivalent).
The CherryTrade bonus can see new traders earn up to 100% on their first deposit. Bonuses are paid up to the value of $20,000.
The best way to secure the best bonus deal with this broker is to register a free account and then speak to them.
Traders can contact the broker by using one of the 20 different telephones numbers available. These cater for traders in all of the major geographical regions around the globe. In addition you can also get in contact by Live Chat on the website or direct your questions via email.
ASX, BOMBAY SE, BOVESPA-F, CAC, DAX, DOW, DUBAI, FTSE 100, HANG SANG, IBEX, MIEX10, NASDAQ, NASDAQ Futures, NIKKEI 225, S&P500, SSE180, STRAITS TIMES, Tadawul, Tel Aviv 25, Topix
EUR/USD, EUR/GBP, EUR/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, , USD/SGD, USD/TRY, USD/ZAR. Bitcoin/USD
Crude Oil, Gold, Silver, Platinum, Wheat, Coffee, Sugar
Apple, BAE Systems, BP, Citi, Coca Cola, Gazprom, HSBC Holdings, Lukoil, Nike, Nissan Motor, IBM, Microsoft, Reuters, Rolls Royce, Sberbank, Tata Motors, Tesco, Teva.TA, Turkcell
CherryTrade Review Verdict
- A good SpotOption broker with a range of account opening options
- Decent payouts of up to 81%
- Not regulated
- NO LONGER ACCEPTING US TRADERS